| 000 | 01455nab a2200253 c 4500 | ||
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| 999 |
_c148392 _d148392 |
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| 003 | ES-MaIEF | ||
| 005 | 20231030094656.0 | ||
| 007 | ta | ||
| 008 | 231030t2023 us ||||| |||| 00| 0|eng d | ||
| 040 |
_aES-MaIEF _bspa _cES-MaIEF |
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| 100 | 1 |
_971106 _aAlbagli, Elias |
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| 245 | 0 |
_aImperfect financial markets and investment inefficiencies _c Elias Albagli, Christian Hellwig and Aleh Tsyvinski |
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| 500 | _aResumen. | ||
| 504 | _aBibliografía. | ||
| 520 | _aWe analyze the consequences of noisy information aggregation for investment. Market imperfections create endogenous rents that cause overinvestment in upside risks and underinvestment in downside risks. In partial equilibrium, these inefficiencies are particularly severe if upside risks are coupled with easy scalability of investment. In general equilibrium, the shareholders' collective attempts to boost value of individual firms leads to a novel externality operating through price that amplifies investment distortions with downside risks but offsets distortions with upside risks. | ||
| 650 | 4 |
_947736 _aMERCADOS FINANCIEROS |
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| 650 | 4 |
_947531 _aINVERSIONES |
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| 650 | 4 |
_952231 _aVOLATILIDAD FINANCIERA |
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| 650 | 4 |
_947776 _aMODELOS ECONOMETRICOS |
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| 700 | 1 |
_971107 _aHellwig, Christian |
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| 700 |
_93916 _aTsyvinski, Aleh |
||
| 773 | 0 |
_9170508 _oOP 234/2023/9 _tThe American Economic Review _w(IEF)103372 _x 0002-8282 _g v. 113, n. 9, September 2023, p. 2323-2354 |
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| 942 | _cART | ||